Another British multimillionaire has warned he could leave the UK, arguing that Labour’s tax increases have pushed the country into a “vicious downward death spiral”.
Andrew Thirkill, one of Britain’s wealthiest businessmen, said the country could not withstand another five years of Labour government. He claimed that, under its policies, “the more successful you are, the bigger your problems become”.
The co-owner and founder of financial services company Sovereign Life, whose wealth is estimated at £175 million, said wealthy people now had “no incentive” to remain in Britain because of Labour’s “tax it, tax it, tax it” approach.
Mr Thirkill, who also co-owns rugby league club Hull FC, accused ministers of “attacking” entrepreneurs and described John Healey’s first Budget as “uninspiring”.
“Under this regime, you think to yourself, what am I doing it for? Because I’m going to just create a problem for my family if I’m successful,” he said.
Should he leave Britain, Mr Thirkill would join a growing list of multimillionaires who have moved abroad amid concerns about Labour’s economic policies.
Changes to inheritance tax, higher employer National Insurance contributions, continued increases in the minimum wage, reforms to business relief and VAT on private school fees have all been blamed for encouraging wealthy individuals and business owners to seek more favourable tax environments overseas.
More than £120 billion in individual and family wealth has left the UK since Labour won the 2024 General Election, according to the Bloomberg Billionaires Index, which reported that departures among high-net-worth individuals had “rocketed”.
Andrew Thirkill, one of the UK’s richest men, said the country will not be able to stand another five years of a Labour government
The co-owner of founder of financial services giant Sovereign Life, said to be worth £175million, said millionaires have ‘no incentive’ to stay in the UK because of Labour’s ‘tax it, tax it, tax it’ mentality
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Among those cited is Shravin Bharti Mittal, the son of Indian billionaire Sunil Bharti Mittal. He was confirmed this month to have moved from Britain to the United Arab Emirates, taking with him a $23.3 billion (£18.4 billion) share of the family fortune. Steel magnate Lakshmi Mittal has also been named among those who have left.
Mr Mittal, whose fortune is estimated at more than £15 billion, transferred his tax residence to Switzerland last November and now spends most of his time in Dubai.
Millionaire Sir Peter Lampl, founder of education charity the Sutton Trust, has also spoken of “a mass exodus of wealthy individuals for many reasons”. He left the UK after objecting to London Mayor Sadiq Khan’s transport policies.
Mr Thirkill said that if Labour continued to “go down this route of taxing business owners and flattening aspiration like they are doing”, the consequences would be severe. He warned that by “destroying people who are working hard – people who want to work hard – and they disappear, the country will be left in an economic mess”.
“We just see nothing but gloom. It’s just tax everything you can get your hands on. Tax it, tax it, tax it. It’s demoralising,” Mr Thirkill said.
Speaking to the Telegraph, he said the Budget offered business owners little beyond “disincentive”. He added that he would consider leaving the UK “if there’s no point being here because it means my wealth can be destroyed”.
Richard Fuller, the shadow chief secretary to the Treasury, said “alarm bells should be ringing in Downing Street” because “the talent and potential of our country is our greatest resource”.
He warned against imposing further taxes on people who had created wealth, saying Labour needed to “get a grip” and “stop discouraging our talent from striving for success and make Britain a country people want to invest in”.
John O’Connell, chief executive of the TaxPayers’ Alliance, said that every millionaire who left Britain represented the loss of thousands of pounds in tax revenue, leaving other taxpayers to cover the “ballooning welfare bill”.
A Treasury spokesman said the Budget would “strengthen the UK’s offer to entrepreneurs”. They pointed to measures including “new tax reliefs to help businesses start, scale and stay here, creating jobs, attracting investment and driving growth”.